HOUSE BILL No. 5771

 

September 9, 2014, Introduced by Rep. Price and referred to the Committee on Local Government.

 

     A bill to amend 1952 PA 175, entitled

 

"An act to authorize incorporated cities and villages to borrow

money and issue bonds in anticipation of future payments from the

motor vehicle highway fund, for any purpose or purposes for which

said funds may be used and for the purpose of refunding such bonds;

authorizing the pledging of the faith and credit of the issuing

city or village, upon proper resolution of its governing body, as

additional security for the payment of said bonds; and to prescribe

procedures and conditions relative to the issuance of such bonds,"

 

by amending section 2 (MCL 247.702).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 2. When the governing body of any an incorporated city or

 

village shall determine to borrow borrows money under the

 

provisions of this act, they it shall do so by resolution approved

 

by a 2/3 majority of the members-elect. of said governing body so

 

declare, which Until January 1, 2015, the resolution shall be

 

published once in a daily or weekly newspaper of general

 

circulation in said the incorporated city or village before the


 

same resolution becomes effective. , and such Beginning January 1,

 

2015, notice of the resolution shall be given using tier C public

 

notice as provided in the local government public notice act. The

 

resolution shall briefly describe the contemplated project or

 

projects, the estimated cost thereof, of the project or projects,

 

and the amount, maximum rate of interest, and maturity dates of the

 

bonds to be issued and the form thereof, and such of the bonds. The

 

resolution shall also contain an irrevocable appropriation

 

providing for the payment of the principal and interest thereof on

 

the bonds from the moneys to be derived money received from state

 

collected taxes returned to such the city or village for highway

 

purposes pursuant to law, which have if that money has not

 

previously been theretofore specially allocated and pledged for the

 

payment of indebtedness.

 

     Enacting section 1. This amendatory act does not take effect

 

unless House Bill No. 5560 of the 97th Legislature is enacted into

 

law.